NetApp Inc. (NTAP) Reaches New 1-Year High at $36.07
NetApp Inc. (NASDAQ:NTAP) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $36.07 and last traded at $35.75, with a volume of 1,814,968 shares changing hands. The stock had previously closed at $34.81.
NTAP has been the subject of a number of analyst reports. RBC Capital Markets boosted their price target on NetApp to $32.00 in a report on Thursday, August 18th. DA Davidson reissued a “buy” rating and issued a $35.00 price target (down from $37.00) on shares of NetApp in a report on Thursday, May 26th. Maxim Group boosted their price target on NetApp from $39.00 to $40.00 and gave the company a “buy” rating in a report on Monday, August 15th. Needham & Company LLC reissued a “hold” rating on shares of NetApp in a report on Thursday, May 26th. Finally, JMP Securities reissued a “hold” rating and issued a $24.00 price target (down from $26.00) on shares of NetApp in a report on Thursday, May 26th. Ten research analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $28.74.
The company’s 50-day moving average is $32.40 and its 200 day moving average is $26.98. The firm has a market cap of $9.75 billion, a price-to-earnings ratio of 31.49 and a beta of 1.56.
NetApp (NASDAQ:NTAP) last released its quarterly earnings results on Wednesday, August 17th. The data storage provider reported $0.46 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.10. NetApp had a return on equity of 15.82% and a net margin of 5.87%. The business had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter in the previous year, the firm posted $0.29 earnings per share. The company’s revenue was down 3.1% compared to the same quarter last year. On average, equities research analysts expect that NetApp Inc. will post $2.36 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 26th. Investors of record on Friday, October 7th will be paid a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 2.17%. The ex-dividend date is Wednesday, October 5th. NetApp’s dividend payout ratio (DPR) is 68.47%.
In related news, VP Joel D. Reich sold 5,000 shares of the business’s stock in a transaction dated Thursday, June 23rd. The stock was sold at an average price of $25.96, for a total value of $129,800.00. Following the completion of the sale, the vice president now directly owns 2,730 shares of the company’s stock, valued at $70,870.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO George Kurian sold 48,176 shares of the business’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $34.87, for a total value of $1,679,897.12. Following the completion of the sale, the chief executive officer now directly owns 92,746 shares of the company’s stock, valued at $3,234,053.02. The disclosure for this sale can be found here. 0.49% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the stock. NN Investment Partners Holdings N.V. purchased a new stake in shares of NetApp during the first quarter valued at $12,009,000. BlackRock Institutional Trust Company N.A. raised its stake in shares of NetApp by 5.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 8,035,791 shares of the data storage provider’s stock valued at $219,297,000 after buying an additional 421,556 shares in the last quarter. Algert Global LLC raised its stake in shares of NetApp by 120.6% in the first quarter. Algert Global LLC now owns 38,563 shares of the data storage provider’s stock valued at $1,052,000 after buying an additional 21,083 shares in the last quarter. TIAA CREF Investment Management LLC raised its stake in shares of NetApp by 2.3% in the first quarter. TIAA CREF Investment Management LLC now owns 1,297,425 shares of the data storage provider’s stock valued at $35,407,000 after buying an additional 28,967 shares in the last quarter. Finally, Ngam Advisors L.P. raised its stake in shares of NetApp by 28.3% in the first quarter. Ngam Advisors L.P. now owns 90,909 shares of the data storage provider’s stock valued at $2,481,000 after buying an additional 20,077 shares in the last quarter. 89.71% of the stock is owned by hedge funds and other institutional investors.
NetApp Company Profile
NetApp, Inc (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models.
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